Bangladesh Securities and Exchange Commission (BSEC) Chairman Khandkar Rashed Maqsood has commented that the problems and obstacles of the capital market will be solved sustainably through world-class reforms.
He said this in a meeting with managing directors (MDs) and chief executive officers (CSEs) of 20 leading brokerage houses at the BSEC office in Agargaon in the capital on Thursday (October 24).
At this time BSEC Commissioner Mu. Mohsin Chowdhury, Md. Ali Akbar, Farzana Lalarukh, BSEC officials were present.
Meanwhile, managing directors and chief executive officers of leading brokerage houses in the country’s capital market were present.
BSEC Public Relations Officer and Spokesperson (Additional Duty) Md. This information was informed in a press release signed by Mohaiminul Haque.
It is mentioned in the notification, in the opening speech of the meeting of the program, the chairman of BSEC said, sincere thanks and best wishes to all who participated in the meeting. BSEC is not a temporary solution to the problems and obstacles of the capital market, but is working towards a sustainable and assured solution through world class reforms. For this reason, the commission has created a task force on capital market reforms and through focus groups, the outline of the reforms will be prepared by ensuring the views and representation of the relevant stakeholders of the market.
He also said that efforts will be made to increase the capacity of capital market intermediaries by ensuring good governance and accountability. Through this, the dynamics in the capital market will increase in the future. We hope to move the market forward through systematic changes in the country’s capital market.
He emphasized on making the country’s capital market world-class and merit-based by eliminating all irregularities by ensuring proper compliance with the Securities Act.
The notification also mentioned that the top representatives of the brokerage houses presented their views and suggestions on the current situation and reforms of the country’s capital market and other related issues. The issue of increasing investors’ confidence in the capital market by increasing transparency and accountability and ensuring good governance was given special importance in the meeting held. In the meeting, the necessary reforms of various existing rules and regulations of the capital market, taking the initiative to list well-founded and government-owned companies in the capital market, including multinational companies, reforming the difference in tax rates of listed and unlisted companies to increase incentives for listing, revision and reform of margin rules, making policies related to independent directors and their Proposals for increasing accountability, increasing various facilities to make the capital market investment friendly, bringing reforms in the tax on capital gains and dividends, increasing investor awareness and confidence are proposed.
In addition, initiatives to expand investment education, attracting foreign investors to invest, increasing accountability with ensuring good governance in listed companies, increasing the capacity of market intermediaries, taking initiatives to make the capital market more disclosure-based, taking initiatives to exploit the potential of the mutual fund sector and develop this sector, long-term financing of the capital market. Proposals have been made to take necessary initiatives to turn sources, to provide policy support in various areas of capital market and to take coordinated initiatives with related government institutions and organizations for policy-related reforms and to establish the importance of capital market at the policy-making level in the government.
In the meeting, the representatives of the brokerage houses highlighted their various efforts and initiatives in various fields for the development of the country’s capital market. At the same time, they expressed interest and commitment to work with BSEC in the process of solving and reforming the existing crises in the capital market.
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